XPLR Infrastructure Reports $36 Million Net Income in Q2 2025, Down from $58 Million Last Year

XPLR Infrastructure, LP reported a net income of $36 million for the second quarter of 2025, a decrease from $58 million in the same period last year. For the first half of 2025, the company experienced a net loss of $292 million, compared to a profit of $92 million in the first half of 2024. Operating revenues for the second quarter were $342 million, down from $360 million year-over-year, while total revenues for the first half increased slightly to $624 million from $617 million. The decline in quarterly revenue was attributed to lower wind resource availability and the absence of prior year impacts from a derivative contract amendment, partially offset by higher prices for wind and battery storage revenues.

Significant operational changes included a $253 million goodwill impairment charge recognized in the first half of 2025, reflecting a decline in the fair value of the company's reporting unit. Additionally, XPLR completed the buyout of the remaining Class B membership interests in XPLR Renewables II for approximately $931 million in April 2025. The company also reported a decrease in operations and maintenance expenses, which fell by $37 million in the second quarter, primarily due to vendor credits for unplanned expenses.

XPLR's total assets increased to $20.5 billion as of June 30, 2025, up from $20.3 billion at the end of 2024. The company’s cash and cash equivalents rose significantly to $880 million from $283 million, bolstered by cash flows from operations and financing activities. However, total liabilities also increased to $9.2 billion, up from $7.4 billion, largely due to higher long-term debt, which rose to $5.6 billion from $4.6 billion. The company’s liquidity position was reported at approximately $3.3 billion, indicating a strong cash position to support ongoing operations and future investments.

Looking ahead, XPLR plans to utilize proceeds from the anticipated sale of its ownership interests in Meade, expected to close by the end of the third quarter of 2025, to repay project-level indebtedness and fund further investments. The company is also assessing the implications of recent legislative changes, including the One Big Beautiful Bill Act, which modifies clean energy tax credits and could impact future project development. XPLR remains focused on capitalizing on repowering opportunities and other investments to enhance its operational capacity and financial performance.